President Trump said the U.S. will delay a threatened 50% tariff on goods from the European Union from June 1 until July 9.

U.S. tariffs on steel and aluminum imports doubled on Wednesday, as President Donald Trump continued to ratchet up levies on foreign metals that he claims will help revitalize American steel mills and aluminum smelters.

Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.